Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Financial Instrument Assets and Liabilities

The following tables present the carrying values and estimated fair values of financial instruments as of March 31, 2026 and December 31, 2025 (in millions):

	March 31, 2026
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	2,672.2	$	—	$	1,318.4	$	1,357.9
Derivative assets	67.1		—		67.1		—
Total assets	$	2,739.3	$	—	$	1,385.5	$	1,357.9
Liabilities:
Mortgages payable (1)	$	37.5	$	—	$	—	$	37.1
Notes and bonds payable (1)	25,228.6		—		23,166.9		995.8
Derivative liabilities	131.8		—		131.8		—
Total liabilities	$	25,397.9	$	—	$	23,298.7	$	1,032.9

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.

	December 31, 2025
			Hierarchy Level
	Carrying Value		Level 1		Level 2		Level 3
Assets:
Loans receivable	$	1,682.1	$	—	$	1,210.5	$	474.3
Derivative assets	8.0		—		8.0		—
Total assets	$	1,690.1	$	—	$	1,218.5	$	474.3
Liabilities:
Mortgages payable	$	37.9	$	—	$	—	$	37.6
Notes and bonds payable	25,343.8		—		23,600.7		1,046.8
Derivative liabilities	205.7		—		205.7		—
Total liabilities	$	25,587.4	$	—	$	23,806.4	$	1,084.4

Schedule of Financial Instruments Not Measured at Fair Value on our Consolidated Balance Sheets

The following table reflects the carrying amounts and estimated fair values of our financial instruments not measured at fair value on our consolidated balance sheets (in millions):

	March 31, 2026				December 31, 2025
	Carrying value		Fair value		Carrying value		Fair value
Loans receivable	$	2,672.2	$	2,676.3	$	1,682.1	$	1,684.8
Mortgages payable (1)	$	37.5	$	37.1	$	37.9	$	37.6
Notes and bonds payable (1)	$	25,228.6	$	24,162.7	$	25,343.8	$	24,647.5

(1) Excludes non-cash net premiums and discounts, and deferred financing costs.

Schedule of Items Measured at Fair Value on a Non-Recurring Basis

The following table summarizes our provisions for impairment on real estate investments during the periods indicated below (dollars in millions):

	Three months ended March 31,
	2026		2025
Carrying value prior to impairment	$	272.2	$	208.7
Less: total provisions for impairment of real estate	(90.2)		(97.4)
Carrying value after impairment	$	182.0	$	111.3
Number of properties:
Classified as held for sale	28		34
Classified as held for investment	62		26
Sold	23		21